To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

Public laws and resolutions passed by the General Assembly at its session of ...[1933]

1933—Chapter 384 581
such times as may be approved by the board of housing for
such income debenture certificates, whose face value shall
not exceed the par value of the stock exchanges therefor.
Sec. 18. No limited dividend housing company incorporated
po°r^"o^nsVmited.
shall under this act:
(1). Acquire any real property or interest therein unless
f^^^^frealty.
it shall first have obtained from the board a certificate that
such acquisition is necessary or convenient for the public pur-pose
defined in this act.
(2). Sell, transfer, assign or lease any real property with-
^^^^J^^tf
°^ ^^^^^
out first having obtained the consent of the board: Provided,
however, that leases conforming to the regulations and rules
of the board and for actual occupancy by the lessees may be
made without the consent of the board. Any conveyance,
incumbrance, lease or sub-lease made in violation of the
provisions of this section and any transfer or assignment
thereof shall be void.
(3). Pay interest returns on its mortgage indebtedness Maximum interest
and its income debenture certificates at a higher rate than
six per centum per annum.
(4). Issue its stock, debentures and bonds covering any
^^regl'te debts.
project undertaken by it in an amount greater in the aggre-gate
than the total actual final cost of such project, including
the lands, improvements, charges for financing and supervis-ion
approved by the board and interest and other carrying
charges during construction.
(5). Mortgage any real property without first having mor™gag'e°prS)erty.
obtained the consent of the board.
(6). Issue any securities or evidences of indebtedness And to issue
without first having obtained the approval of the board.
(7). Use any building erected or acquired by it for other
Y^l\°l^J°^ll^^
than housing purposes, except that when permitted by law housing purposes
the story of the building above the cellar or basement and P'-o'^'bited.
the space below such story may be used for stores, commercial,
cooperative or community purposes, and when permitted by
law the roof may be used for cooperative or community
purposes.
(8). Charge or accept any rental, purchase price or other Limit on rental or
, . „ , . ! T 1 j_i 1 J purchase prices.
charge m excess of the amounts prescribed by the board.
(9). Enter into contracts for the construction of housing Contracts and
projects, or for the payments of salaries to officers or em- ^us"beTpTroved.
ployees except subject to the inspection and revision of the
board and under such regulations as the board from time to
time may prescribe.
(10). Voluntarily dissolve without first having obtained the Voluntary
dissolution.
consent of the board.

1933—Chapter 384 581
such times as may be approved by the board of housing for
such income debenture certificates, whose face value shall
not exceed the par value of the stock exchanges therefor.
Sec. 18. No limited dividend housing company incorporated
po°r^"o^nsVmited.
shall under this act:
(1). Acquire any real property or interest therein unless
f^^^^frealty.
it shall first have obtained from the board a certificate that
such acquisition is necessary or convenient for the public pur-pose
defined in this act.
(2). Sell, transfer, assign or lease any real property with-
^^^^J^^tf
°^ ^^^^^
out first having obtained the consent of the board: Provided,
however, that leases conforming to the regulations and rules
of the board and for actual occupancy by the lessees may be
made without the consent of the board. Any conveyance,
incumbrance, lease or sub-lease made in violation of the
provisions of this section and any transfer or assignment
thereof shall be void.
(3). Pay interest returns on its mortgage indebtedness Maximum interest
and its income debenture certificates at a higher rate than
six per centum per annum.
(4). Issue its stock, debentures and bonds covering any
^^regl'te debts.
project undertaken by it in an amount greater in the aggre-gate
than the total actual final cost of such project, including
the lands, improvements, charges for financing and supervis-ion
approved by the board and interest and other carrying
charges during construction.
(5). Mortgage any real property without first having mor™gag'e°prS)erty.
obtained the consent of the board.
(6). Issue any securities or evidences of indebtedness And to issue
without first having obtained the approval of the board.
(7). Use any building erected or acquired by it for other
Y^l\°l^J°^ll^^
than housing purposes, except that when permitted by law housing purposes
the story of the building above the cellar or basement and P'-o'^'bited.
the space below such story may be used for stores, commercial,
cooperative or community purposes, and when permitted by
law the roof may be used for cooperative or community
purposes.
(8). Charge or accept any rental, purchase price or other Limit on rental or
, . „ , . ! T 1 j_i 1 J purchase prices.
charge m excess of the amounts prescribed by the board.
(9). Enter into contracts for the construction of housing Contracts and
projects, or for the payments of salaries to officers or em- ^us"beTpTroved.
ployees except subject to the inspection and revision of the
board and under such regulations as the board from time to
time may prescribe.
(10). Voluntarily dissolve without first having obtained the Voluntary
dissolution.
consent of the board.